Natural Gas Will Shake US Off Foreign Oil: Pickens

Migrating toward natural gas for fuel rather than oil will shake off the US dependency on foreign oil, strengthening its security, T. Boone Pickens, founder and chairman of BP Capital Management, told CNBC Tuesday.

AP

Boone Pickens

A year ago, Pickens launched an initiative for using more natural gas and renewable energy, saying it will benefit the country.

"On the 7th of July last year I said at a dinner with my guys: 'fellows, we have a winning hand,'" Pickens said.

"What we have is such an abundance of natural gas … we are the luckiest people in the world," he added.

The Obama Administration's initiatives on the energy and climate front, such as the climate and transportation bills, will contribute to the country's shaking off foreign oil dependence, Pickens said.

"You're going to have legislation come out in 2009 that is going to be the most far-reaching, monumental legislation we ever seen," he said. "For the first time you're going to have a plan to go off foreign oil."

The US natural gas reserves are around 2,000 trillion cubic feet, compared with Russia's 1,500 TCF and Iran's 1,100 TCF, he said. "Our 2000 trillion will move us above the largest."